In Thursday's motion filing, the CFTC acknowledged the original complaint was largely based on a whistleblower's account “known to be lacking in credibility,” calling the exchange a “fraud victim.” The regulator stated that there were “serious questions” about the strength of the evidence against Gemini, adding that personnel “improperly influenced the CFTC’s regulatory authority to create settlement leverage.”
Gemini Files Complaint Against CFTC, Alleges 7-Year 'Lawfare' Campaign
The exchange maintained throughout the case that it was being unfairly pursued despite being a victim of the manipulation it had reported to regulators.
